Sensex slumps by 303.36 points

Published: Wednesday, November 12, 2008, 18:04 [IST]

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Mumbai, Nov 12 (UNI) The downslide in the Sensex continued for the second consecutive day today on the Bombay Stock Exchange with a fall of 303.36 points to end at 9536.33 due to volatility in the global markets and political uncertainty, ahead of the assembly polls in six states.

The Nifty index of National Stock Exchange (NSE) also ended in the red at 2848.45 with a loss of 90.20 points from its last finish of 2938.65 points.

The key stocks closed deep in the red in what was an extremely choppy day, but managed to pullback from the day's low. Both the benchmark indices--Sensex and Nifty-- slipped below their psychological 9,500 and 2,800 mark respectively. All the sectoral indices closed in negative terrain with realty, banking, metal, capital goods, oil and gas, and power seeing heavy selling pressure.

Trading was choppy on the domestic bourses. By early afternoon trade, the market had cut earlier steep losses on higher-than-expected industrial production growth in September 2008 and gains in US index futures. The upward move was short-lived and a sell-off gripped the market in mid-afternoon trade.

The Sensex resumed low at 9683.75 and recorded the day's low at 9376.73 and a high at 9928.60 points. The Nifty index opened negative at 2937.90 and registered the day's high and low at 2975.20 and 2794.95 points respectively.

Asian markets witnessed a weak trend in volatile trade on gloomy US corporate news overnight. Key benchmark indices in Singapore, Japan, Taiwan, Hong Kong, and South Korea were down by between 0.43 per cent and 1.29 pc. European markets, which opened after Indian markets, surrendered early gains to turn negative as energy stocks slipped tracking weaker crude prices. Key benchmark indices in UK, Germany and France were down by between 0.48 pc and 1.31 pc, which led to downward trend on the Indian bources, brokers said.